New Benefit Options Introduced by MassMutual Help Set Young Professionals on the... -- SPRINGFIELD, Mass., March 7, 2013 /PRNewswire/ --

New Benefit Options Introduced by MassMutual Help Set Young Professionals on the Road to Financial Security

SPRINGFIELD, Mass., March 7, 2013 /PRNewswire/ -- Massachusetts Mutual Life Insurance Company (MassMutual) today introduced a series of new options to its disability income insurance product portfolio to broaden the company's robust suite of financial protection offerings with more choices and flexibility.

The new additions are designed to help young professionals and their families set a strong foundation for financial security. They include a new rate structure for certain disability income insurance policies to help those with entry-level salaries add this key protection to their foundation, as well as an option to purchase permanent life insurance over time without medical tests. (See PDF for details.)

"MassMutual is committed to helping people financially prepare for life's possibilities and opportunities to be well-positioned for long-term success," said Mike Fanning, Executive Vice President, U.S. Insurance Group, MassMutual. "Providing the option to lock in insurability at a young age alongside disability income insurance protection is a natural pairing for a strong financial foundation."

Interestingly, the 2012 CDA Long Term Disability Claims Review, published by the Council for Disability Awareness, reveals that more than 1 in 4 new long term disability claims in the U.S. were from people under the age of 40 over the last 5 years (2007 to 2011).

MassMutual's new Graded Premium option, available with Radius® disability income policies, is an alternative premium structure under which initial premium payments are less than the traditional or "fixed" level premiums in the early years of the policy. These premiums gradually increase each year until they become level at age 50 for the duration of the policy. The graded premiums are designed to make disability income insurance more affordable for younger, entry-level earners, who stand to lose the most over the course of their careers, if their earning potential is diminished early on by a disabling illness or injury.

MassMutual's Guaranteed Insurability Option allows Radius disability income insurance policyowners to purchase additional increments of permanent life insurance—without the need for a medical exam or providing medical information2—every three years until they turn 46. At each three year interval, policyowners have the option to buy $25,000 of permanent life insurance.

"Permanent life insurance options such as whole life insurance can help protect your ability to provide for your family, accumulate cash value and leave a financial legacy for those whom you care about," said Mr. Fanning. "The three year intervals also provide a timely opportunity for conversations with a financial professional to gradually strengthen a financial foundation as life events unfold."

MassMutual has also introduced an enhanced Extended Partial Disability Benefits Rider (EPR), potentially increasing disability income insurance payments to those unable to maintain full work schedules or occupational duties as a result of illness or injury, and an enhanced Future Insurability Option (FIO) rider, providing policyowners the option to increase their income protection in the future.

1 Options and riders are available only in approved states. Riders are available at an additional cost.

2 The insured cannot be disabled.

Radius [Policy Form XL-IS-92 and XL-IS-92(NC) in North Carolina] is issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001. Policies have exclusions and limitations. For costs and complete details, call your agent or MassMutual at 1-800-272-2216 for a referral to an agent.